Prince Abdulaziz Bin Salman Al Saud and Alexander Novak at the beginning of an Opec and non-Opec meeting in Vienna on Friday. Reuters
Opec and its oil-producing allies shifted on Monday towards extending their daily output caps, sending oil prices racing higher before the outcome of the group’s official gathering.
Opec said on Tuesday that world demand for its oil would be higher than expected this year as supply growth from rivals including US shale producers slows, pointing to a tighter market if the exporter group refrains from raising output. But the Organization of the Petroleum Exporting Countries,
Opec and its allies agreed on Thursday to keep current production cuts until further review in December, with the Kingdom of Saudi Arabia pledging to further strengthen its voluntary production adjustment to 9.890 million bpd in October.
The global manufacturing activity expanded in July, adding to hopes the sector is emerging from the hit of the coronavirus pandemic.
The UAE, Saudi Arabia and Egypt drew up to 65.4 per cent of the total FDI inflows to the Arab nations in Q1-2020, according to a report released by the Arab Investment & Export Credit Guarantee Corporation (Dhaman)
Sheikh Ahmed Bin Humaid Al Nuaimi, Chairman of the Ajman Free Zone, AFZ, has launched AFZ’s eight new economic incentives for the second half of 2020.
The Dubai Real Estate Institute (DREI), in Dubai Land Department, DLD, is organising the first virtual real estate conference titled ‘Real Estate post-COVID-19 - Challenges and Solutions,’ in cooperation with a number of entities in Saudi Arabia.